Magna International (TSX: MG), the Conglomerates sector company, has received a rating update from a Wall Street analyst yesterday. Analyst Rod Lache from Wolfe Research reiterated a Buy rating, with a C$67 price target.
According to TipRanks.com, Lache is ranked #412 out of 4881 analysts.
The word on The Street in general, suggests a Moderate Buy analyst consensus rating for Magna International with a C$67 average price target.
Based on Magna International’s latest earnings release for the quarter ending June 30, the company reported a quarterly net profit of C$808 million. In comparison, last year the company had a net profit of C$630 million.
Magna International, Inc. designs, develops and manufactures automotive systems, assemblies, modules and components. It assembles complete vehicle, primarily for sale to original equipment manufacturers of cars and light trucks in North America, Europe, Asia, South America and Africa.
The company’s shares closed on Tuesday at C$69.13.
